Correlation Between Mantex AB and NetJobs Group
Can any of the company-specific risk be diversified away by investing in both Mantex AB and NetJobs Group at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Mantex AB and NetJobs Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mantex AB and NetJobs Group AB, you can compare the effects of market volatilities on Mantex AB and NetJobs Group and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Mantex AB with a short position of NetJobs Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mantex AB and NetJobs Group.
Diversification Opportunities for Mantex AB and NetJobs Group
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Mantex and NetJobs is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Mantex AB and NetJobs Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NetJobs Group AB and Mantex AB is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Mantex AB are associated (or correlated) with NetJobs Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NetJobs Group AB has no effect on the direction of Mantex AB i.e., Mantex AB and NetJobs Group go up and down completely randomly.
Pair Corralation between Mantex AB and NetJobs Group
Assuming the 90 days trading horizon Mantex AB is expected to under-perform the NetJobs Group. In addition to that, Mantex AB is 1.03 times more volatile than NetJobs Group AB. It trades about -0.08 of its total potential returns per unit of risk. NetJobs Group AB is currently generating about -0.02 per unit of volatility. If you would invest 104.00 in NetJobs Group AB on August 28, 2024 and sell it today you would lose (72.00) from holding NetJobs Group AB or give up 69.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mantex AB vs. NetJobs Group AB
Performance |
| Timeline |
| Mantex AB |
| NetJobs Group AB |
Mantex AB and NetJobs Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mantex AB and NetJobs Group
The main advantage of trading using opposite Mantex AB and NetJobs Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mantex AB position performs unexpectedly, NetJobs Group can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in NetJobs Group will offset losses from the drop in NetJobs Group's long position.| Mantex AB vs. Lagercrantz Group AB | Mantex AB vs. Addtech AB | Mantex AB vs. AddLife AB | Mantex AB vs. Bufab Holding AB |
| NetJobs Group vs. Online Brands Nordic | NetJobs Group vs. Clean Motion AB | NetJobs Group vs. Mavshack publ AB | NetJobs Group vs. Nicoccino Holding AB |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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